Reso 2024-3712 - Laserfiche WebLink

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O,rp OF 5LYe4 IR xl City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax MEMORANDUM TO: Honorable Mayor and City Commissioners VIA: Stan Morris, City Manager FROM: Yael Y. Londono, HR & Risk Management Director DATE: September 19, 2024 RE:Renewal of Property, Casualty, Auto, Workers Comp Insurance with Brown & Brown/Preferred Government Insurance Trust (PGIT) RECOMMENDATION: Staff is recommending approval of this Resolution. REASONS: It is recommended that the City Commission approve the attached resolution to renew the City's Property, Liability, Auto, and Workers Compensation insurance with the Preferred Government Insurance Trust (PGIT) and/or Brown & Brown Insurance for the period of October 1, 2024 through September 30, 2025 in an amount not to exceed $1,975,000.00. The renewal premium for the Commercial Package Policy (Property, Liability, and Auto) and Workers Compensation is $1,889,475.00 which is $53,653.25 or 2.88% more than last year ($1,861,389.00). The contributing factor for the premium increase is due to claims, payroll and the addition of new property and/or equipment. Additionally, staff is allocating $85,525 for deductibles, additional flood policies and additional premiums expected upon the completion of capital projects, which will be added to the property insurance during the upcoming fiscal year. Staff worked closely with Brown & Brown (Robert Hollander) to review possible courses of action to reduce premiums to include increasing our deductibles in certain coverage and the feasibility of self- insurance in areas that we as a City have had good claims experience. Based on the available options, renewal with PGIT with the coverage and terms indicated is our best, most cost effective, option. Item Number: lOX 199